Statement of Affairs

FiBe_3

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1191
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1191

Monthly Expense Details
Mortgage................................ 322
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 62
Electricity............................. 29
Gas..................................... 41
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 30
Mobile phone............................ 41
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 10
Petrol/diesel........................... 120
Road tax................................ 10
Car Insurance........................... 30
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 24
Contents insurance...................... 0
Life assurance ......................... 29.65
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 45
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 975.65

Assets
Cash.................................... 0
House value (Gross)..................... 98000
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 103000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 42000....(322)......4.89
Total secured debts........... 42000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................200.......25........15.9
Credit Card....................150.......15........0
Loan...........................14863.....243.......0
Total unsecured debts..........15213.....283.......-

Monthly Budget Summary
Total monthly income.................... 1,191
Expenses (including secure debts)....... 975.65
Available for debt repayments........... 215.35
Monthly UNsecured debt repayments....... 283
Surplus(deficit if negative)............ -67.65

Personal Balance Sheet Summary
Total assets (things you own)........... 103,000
Total Secured debt...................... -42,000
Total Unsecured debt.................... -15,213
Personal net worth...................... 45,787

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========Ok so I tried to be clever and pay my debts off sooner so I took out a £12,000 loan over 5 years.

The reason behind this was that I borrowed £10,000 with my mortgage to buy a new car and fix up my house and discovered that in over a year and a half I had only paid back £112 with 17 years left to go!!!!

So this debt will now be paid back in 5 years (£12,000 plus interest) but has left me rather short on the old money front. I will basically be living out of my overdraft unless I can think of some cunning ways to save more money.

I have binned my magazine subscriptions, my dvd subscription.
I have double checked my gas/elec rates and have fixed them until December 2009.
I am driving slowly to conserve petrol.
I will be a non-smoker from tomorrow (will finish off my last packet)
My mortgage is fixed at a good rate until January 2011.
My telephone, broadband and tv is a 3-for-£30 package with Virgin which I think is a good deal.
I am grocery shopping as cheaply as I can ie Aldi, Netto, etc.
I am trying to claim back money for being mis-sold an insurance policy, possible money back £1,100. I am also cancelling this policy saving me £29,65 a month. Being a non smoker will also save me £2,000 a year.
I may try and sell some more stuff on ebay but this will only be a small amount of money that I can possibly make.

Has anyone got any other ideas for me to save money? .......................................Or success stories to keep me going!!!

Snafflepants

Hiya,

Just wanted to say Hi and best of luck.

Can't offer you much advice but I am with Virgin and when I rang to tell them that I was very unhappy they were increasing my prices they offered me a 3 month deal and reduced my payments down to below £20. I am then going to cancel it as we dont really need it.

£41 for a mobile is also quite high - how about PAYG?

Snaffle

chevalier

The thing that stood out for me was £45 for hair cuts. Could you only go every other month? Or what about finding out if there is a beauty college near you? They often want models for their trainees to work on so only charge a small amount, and the trainees are supervised.
chev

FiBe_3

Hi

£41 for mobile is average as it changes from month to month but I am tied into an 18 month contract (got about 8 months left on it). I am with Orange so the Orange Wednesdays come in handy. However, I will look into a better deal when this comes up for renewal.

The £45 is actually for my beauty treatments I pay £45 per month and get £20 of treatments free a month. I know it's expensive but I will try anything to avoid having to give this up lol! I don't want bushy eyebrows etc!!!! Plus I can get a massage etc free of charge which means I can avoid spending £27 at the Chiropractor for my dodgy shoulders!

My sister is a hairdresser so I only have to pay for colours when I want my hair doing (for free ).

I forgot my gym membership as well which is £28 per month but as my classes/gym sessions/sauna etc are £4.00 a go and I go more than twice a week I think this is an acceptable cost.

Oh dear reading this back it seems like I am justifying stupid outgoings (which I am) and making excuses (which I am)..................... sorry I do appreciate your comments/replies though and am taking them on board. Some of these additional outgoings may yet get cancelled further down the road if I can't save from other avenues.

msmicawber

Why is your life assurance so high? Could you switch?

It strikes me that if you're not keen to reduce your outgoings further, your only alternative is to find a second job or take in a lodger.

FiBe_3

I am cancelling this mortgage insurance policy as I also think that it is way too high. And as I said in my original post I am going to try and make a claim for mis-selling of this policy.

I admit I am fighting against scrimping back anymore. I am going to see how my finances look at the end of June when all my current cost cutting exercises have taken effect to see what savings I have made.

Unfortunately May is a bad month for me as I have FOUR birthdays in a week and a half at the beginning of May and they are not ones I can avoid either (Mum, Dad, bf, sister's bf). I HATE MAY!!!!!!!!!!!!!!!!!!

But once May is over I am ok until Aug/Oct when Road Tax, Car Insurance, Buildings/Contents are all due. So can make some good savings in the meantime.

TurnaroundSue

FiBe wrote: »

Unfortunately May is a bad month for me as I have FOUR birthdays in a week and a half at the beginning of May and they are not ones I can avoid either (Mum, Dad, bf, sister's bf). I HATE MAY!!!!!!!!!!!!!!!!!

When I was broke I did my mum a voucher and offered to clean her windows for her. She was thrilled to bits with that as it saved her a job she doesn't like. Maybe you could offer to wash your dad's car/cut the grass for him also as a present. Your boyfriend? You could offer to give HIM a massage as a birthday pressie - I know my OH would love that - as for your sister's bf, why don't you just give him a card?

tallyhoh

msmicawber wrote: »

Why is your life assurance so high? Could you switch?.

I second that--- your life insurance is WAY high. Mine is £8.25 a month. Have a look through comparison sites & always buy through Quidco or another cashback site.
A young lady training at college does all the beauty stuff that I cant do myself

---

hang on, I can do it all myself except my hair, oh well, she does the stuff I dont want to do myself.

You need a lodger or second job.

FiBe_3

When I was broke I did my mum a voucher and offered to clean her windows for her. She was thrilled to bits with that as it saved her a job she doesn't like. Maybe you could offer to wash your dad's car/cut the grass for him also as a present. Your boyfriend? You could offer to give HIM a massage as a birthday pressie - I know my OH would love that - as for your sister's bf, why don't you just give him a card?

Unfortunately we are all as poor as each other! My dad has already said he wants money for his birthday. Usually I would ignore my sis' bf birthday but he got me the Heroes boxset for my birthday when they were on holiday last year so I owe him and we all cancelled Christmas to avoid buying presents!

My bf has already said don't bother with him so it may come to that but feel very guilty!

beanielou

Anything you can put on ebay to help you get rid off the two small CC debts?
You really need to try not to add to your CCs.

FiBe_3

Anything you can put on ebay to help you get rid off the two small CC debts?
You really need to try not to add to your CCs.

I agree, these are going to be cleared asap!

My life insurance policy has been cancelled today and Pru are sending a letter to the independent financial advisor on my behalf to try and claim I was mis-sold it. This money I'm saving will help pay off the cc's earlier.